AGEL’s Total Income up by 15% YoY at Rs. 1,596 Cr – H1 FY21,Sale of Energy up by 23% YoY

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Adani Green Energy Ltd. AGEL, a part of the Adani Group, today announced the financial results for the quarter and half year ended September 30, 2020. The Operational Performance Snapshot for the quarter and half year is given below:

Operational Performance:

ParticularsQuarterly performanceHalf yearly performance
Q2 FY21Q2 FY20% changeH1 FY21H1 FY20% change 
Sale of Energy (Mn units)1,18797022%2,5692,08623% 
Solar1,02592111%2,2061,98111% 
Wind16249231%363105246% 
        
Solar portfolioCUF (%)20.7%20.1%60 bps22.7%22.7% 
Wind portfolioCUF (%)30.3%31.2%-90 bps34.8%33.5%130 bps 
  • Sale of Energy for H1 FY21 increased by 23% YoY on the back of capacity addition of 630 MW, consistent Solar CUF and improved Wind CUF.
  • Solar CUF has remained steady for H1 FY21 at 22.7%, better than P75 target of 22.5%, supported by strong Plant availability of ~ 100% and consistent Solar irradiation.
  • Wind CUF has improved from 33.5% in H1 FY20 to 34.8% in H1 FY21 with improved Plant availability.

Financial Performance:

(Rs. Cr.)

ParticularsQuarterly performanceHalf yearly performance
Q2 FY21Q2 FY20% ChangeH1 FY21H1 FY20% Change
Total Income 718 7121% 1,596 1,38715%
Revenue from Power Supply 530 46115% 1,139 1,01212%
       
EBITDA from Power Supply 490 41319% 1,050 91515%
EBITDA from Power Supply (%)92%89%~300 bps92%89%~300 bps
       
Cash Profit*25013980%59335269%

* Cash Profit is before deduction of distribution to TOTAL which is part of Finance Cost as per IndAS

AGEL expands TOTAL JV with addition of 205 MW solar assets at EV of INR 1,632 Cr taking the total operating portfolio under the JV to 2,353 MW:

  • AGEL has completed acquisition of the 205 MW operating solar assets from Essel group located in Punjab, Karnataka and Uttar Pradesh. This is the first acquisition of operating assets by AGEL.
  • AGEL has transferred these assets to its JV with TOTAL, a French Energy major with presence across 130+ countries, for EV of INR 1,632 Cr and TOTAL has invested Rs. 310 Cr in the JV pursuant to the transaction
  • The acquisition takes the total operating renewable portfolio under the JV to 2,353 MW

Commenting on the quarterly results of the Company, Mr. Gautam Adani, Chairman, Adani Green Energy Limited said, “At the historic 21st Paris climate conference in December 2015, our Hon’ble Prime Minister Narendrabhai Modi made an astonishing promise to the world that India would lead the climate change revolution setting the target of commissioning renewable capacity of 175 GW in India by 2022. Today, India is amongst the only eight nations on track to meet their COP 21 commitments. At UN Climate Summit in September 2019, he reiterated the commitment to increase India’s renewable capacity much beyond 175 GW and to take it further to 450 GW by 2030. Adani group is committed to support this unwavering promise and will continue to support the nation’s transition towards green energy. We are delighted to expand our joint venture with other global players and are committed to growing our renewables platform. The company is coming together in line with our ambition of achieving of renewable power capacity of 25 GW by 2025 and becoming the world’s largest renewable power company by 2030.”

      

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